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Metricom on Shaky Ground:

February 09, 2001|Bloomberg News

Metricom Inc. shares plunged 44% after the provider of Ricochet wireless Internet service said it may run out of money and is preparing to scale back expansion plans and cut jobs. Shares of the San Jose-based company fell $4.56 to close at $5.81 on Nasdaq. The stock has lost nearly 95% of its value in the last year. Metricom offers its high-speed Ricochet service in 13 markets, including Los Angeles, San Francisco, San Diego and New York. Microsoft co-founder Paul Allen controls 65% of Metricom. Its losses total more than $500 million, including $114 million in the fourth quarter. Metricom said it has enough money to operate its network into the second half of the year.

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